Tyson Foods 2011 Annual Report Download - page 55

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55
NOTE 10: EARNINGS (LOSS) PER SHARE
The earnings and weighted average common shares used in the computation of basic and diluted earnings (loss) per share are as
follows:
in millions, except per share data
2011
2010
2009
Numerator:
Income (loss) from continuing operations
$733
$765
$(550)
Less: Net loss attributable to noncontrolling interest
(17)
(15)
(4)
Income (loss) from continuing operations attributable to Tyson
750
780
(546)
Less Dividends:
Class A ($0.16/share)
49
49
50
Class B ($0.144/share)
10
10
10
Undistributed earnings (losses)
$691
$721
$(606)
Class A undistributed earnings (losses)
$572
$597
$(501)
Class B undistributed earnings (losses)
119
124
(105)
Total undistributed earnings (losses)
$691
$721
$(606)
Denominator:
Denominator for basic earnings (loss) per share:
Class A weighted average shares
303
303
302
Class B weighted average shares, and shares under if-converted
method for diluted earnings per share
70
70
70
Effect of dilutive securities:
Stock options and restricted stock
6
6
0
Convertible 2013 Notes
1
0
0
Denominator for diluted earnings (loss) per share – adjusted
weighted average shares and assumed conversions
380
379
372
Net Income (Loss) Per Share from Continuing Operations
Attributable to Tyson:
Class A Basic
$2.04
$2.13
$(1.49)
Class B Basic
$1.84
$1.91
$(1.35)
Diluted
$1.97
$2.06
$(1.47)
Net Income (Loss) Per Share Attributable to Tyson:
Class A Basic
$2.04
$2.13
$(1.49)
Class B Basic
$1.84
$1.91
$(1.35)
Diluted
$1.97
$2.06
$(1.47)
Approximately 4 million, 5 million and 24 million in fiscal years 2011, 2010 and 2009, respectively, of our stock-based compensation
shares were antidilutive and were not included in the dilutive earnings per share calculation.
We have two classes of capital stock, Class A stock and Class B stock. Cash dividends cannot be paid to holders of Class B stock
unless they are simultaneously paid to holders of Class A stock. The per share amount of cash dividends paid to holders of Class B
stock cannot exceed 90% of the cash dividends paid to holders of Class A stock.
We allocate undistributed earnings (losses) based upon a 1 to 0.9 ratio per share to Class A stock and Class B stock, respectively. We
allocate undistributed earnings (losses) based on this ratio due to historical dividend patterns, voting control of Class B shareholders
and contractual limitations of dividends to Class B stock.